Business
Local content compliance: Equatorial Guinea commends IOCs
One of Africa’s oil producer, Equatorial Guinea, has commended international oil services companies TechnipFMC and Schlumberger for their proactive steps towards local content compliance in the country.
The announcement follows the decision, earlier this week, to cancel all contracts awarded to international oil services firm Subsea 7 for failure to comply with local content rules in Equatorial Guinea.
Equatorial Guinea’s Minister of Mines and Hydrocarbons, Mbaga Obiang Lima, commended the two international firms for their commitment at ensuring the implementation of the country’s effort of building a culture of compliance through local content regulations.
Lima commended the companies for their efforts, adding that both have long history of working in the country.
“Their recent engagement with local companies, commitment to train, develop and promote our citizens as well as setting up a robust workplace nationalization program demonstrates their willingness to ensure that benefits of oil contracts are shared with our citizens,” he said
While reiterating Equatorial Guinea’s flexibility in making the country the best place for oil companies to operate in the region, Lima urged the entire industry to continue with the country’s policy of building a culture of compliance.
National content provisions in Equatorial Guinea are set out in the 2014 National Content Regulations, under which contractors must notably register with the Ministry’s local content department and give preference to local companies.
The Ministry of Mines and Hydrocarbons is currently completing a local content compliance audit to assess efforts taken by operators and contractors towards local content compliance.
